By 2020, millennial spending in the U.S. is projected to reach $1.4 trillion annually, accounting for 30 percent of total retail sales. While the impact of the millennial generation has long been talked about, most retailers have yet to adapt to meet the needs of this increasingly influential audience.

Millennials are defined by more than just their age. To truly understand millennials, retailers must take into account what differentiates them from other generations, their shopping habits, and their growing influence in an evolving retail environment.